The Secretary General of the Pacific Islands Forum, Baron Waqa, has issued a call to regional economic ministers during the second Forum Economic Ministers Meeting (FEMM), urging enhanced cooperation to confront growing global challenges that threaten the economic stability of Pacific nations. He underscored the importance of the Pacific Roadmap for Economic Development (PRED) and the Pacific Resilience Facility (PRF) as key initiatives designed to fortify the region against economic volatility and climate change.
In his welcome remarks, Waqa noted that this year has been particularly significant for FEMM, highlighting the prior Special FEMM held in March, which endorsed critical treaties including the PRF. As Waqa elaborated, the implementation of PRED is now officially underway and serves as a central piece of the broader 2050 Strategy for the Blue Pacific Continent. This strategy aims to articulate and achieve the collective aspirations of Forum members while enhancing trade and economic development.
Waqa emphasized the need for urgent and coordinated efforts among member nations, particularly in light of persistent global disruptions and the lingering impacts of COVID-19. He metaphorically stated, “In these unsettling times we are like fish being circled by sharks,” stressing that unity is imperative for the region’s survival against the looming threats of economic stagnation and external pressures, such as geopolitical conflicts exemplified by the wars in Ukraine and the Middle East.
Despite receiving substantial development assistance and remittances, Waqa warned that national growth rates remain low across the Pacific. He urged that without comprehensive economic plans, the region would struggle to show the necessary progress towards fulfilling the leaders’ vision outlined in the 2050 Strategy.
Moreover, Waqa acknowledged the recent bold initiatives from Forum Trade Ministers aimed at strengthening intra-regional trade and investment frameworks. He argued that by fostering a freer movement of people within Forum member states, the Pacific can enhance economic cooperation and integration, ultimately improving livelihoods for its citizens.
This call for regional collaboration is supported by ongoing efforts by the Pacific Islands Forum to address economic vulnerabilities exacerbated by climate change and other global challenges. With a unified approach, Pacific nations exhibit resilience and strength in the face of adversity, providing hope for a prosperous future.
The ongoing discussions highlight the commitment among Pacific leaders to adapt and thrive amidst external pressures. By working together and leveraging collective strengths, Pacific nations can create pathways toward sustainable growth and a stable future for generations to come.
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